RBZ moves in to save the day, pledges to pay $32 million to Eskom to prevent 15 hours of electricity load shedding
The Reserve Bank of Zimbabwe (RBZ) has said that it will pay $32 million to South Africa power company Eskom, to stop it from cutting off electricity being supplied to Zimbabwe. This comes after Eskom threatened to cut off supply next week after ZESA failed to stick to the payment plan that had been agreed on in July. In the event that Eskom stops supplying the country with electricity, ZESA will be forced to resort to massive load shedding of up to 15 hours per day.
Zesa Holdings currently gets 300 MegaWatts of electricity from Eskom and Hydro Cabora Basa of Mocambique in order to bridge the deficit of 900 MegaWatts. Eskom will get $29 million from the Reserve Bank of Zimbabwe while the other $3 million will come from the Zimbabwe Electricity Transmission and Distribution Company (ZETDC).
The remaining $19 million is expected to be paid off next month.
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